Dogecoin Winner Of A Mostly Bearish Week For Crypto

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Last Updated on 11 April 2022 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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Whereas the first week of April looked rather bullish and provided many winners, the second week proved a reversal point and so we’re back to where we started at the end of Q1 almost. Bitcoin seems unwilling to break above $45k and buyers are scooping it up as soon as it falls below $40k.

One clear winner of the past week (when looking at the 20th biggest crypto coins), although the gains are rather abysmal with 1% in 7 days, was Dogecoin, mostly profiting from Elon Musk’s Twitter stake.

Everyone on Twitter knows of Elon’s fondness for Dogecoin and thus when it was revealed earlier this week that the Tesla CEO had acquired a 9% stake in Twitter, Doge saw a first bump of 8%, which later evaporated. We then already asked whether Dogecoin could ultimately profit.

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However, it now seems that all hope for a Dogecoin boost for Twitter is not in vain, as even this weekend, when Musk made the suggestion to charge a subscription fee for Twitter in exchange for a blue checkmark, he added that the social media company’s board should consider allowing the subscription fee to be paid in Dogecoin. As a result, the memecoin jumped another 5% initially, which later also evaporated as the crypto market suffered a selloff.

Last year, Doge went on a run in the months preceding Elon’s appearance on Saturday Night Live (SNL), topping at around 75 cents. It has since slid back to some 15 cents but still remains well balanced in 2022 altogether and has never lost its place in the CoinMarketCap top 20. Musk’s appreciation of the coin with the Shiba Inu dog on it has never faded apparently.

Although other memecoins (and memestocks for that matter) seem to come and go, Dogecoin could just be a remainer.